Welcome!

News Feed Item

Kapuskasing Gold Closes Acquisition of Two Large Gold Properties in Borden Gold District, Ontario

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- Kapuskasing Gold Corp. (TSX VENTURE: KAP) (the "Company" or "Kapuskasing") announces that it has closed the acquisition of the Borden North and Rollo gold exploration properties near Chapleau, Ontario as originally announced in February (see news release dated February 28th 2014), following the receipt of all regulatory approvals for the transactions.

The Borden North Property is situated along the southern flank of the Kapuskasing Structural Zone approximately 50 km northeast of Probe Mines' Borden Gold project. The Rollo Property is situated within the Ridout Deformation Zone, which and sits between IAMGold's Cote Lake gold deposit and the Borden Gold project.

Probe Mines' Borden Gold project was discovered in 2010, hosting a multi-million ounce gold zone. The Probe exploration team, along with prospector Mike Tremblay, (see advisory board below), have been recognized with the "2013 Ontario Prospector Award" for the Borden Gold Discovery, during the OPA recent awards ceremony.

Borden Properties Purchase Agreement

The Company has agreed to purchase from Mr. Tremblay, Jacques Robert and Randall Salo, (the "vendors") an undivided 100% interest in the Borden North property for a consideration of 600,000 common shares. The vendors shall retain a 2% net smelter royalty (NSR) interest while the Company retains the option to buy back 1% of the NSR for $1,000,000. The vendors will also be entitled to Bonus Shares of the Company equaling $600,000 with the number of shares to be calculated based on the volume-weighted average trading price of the Company's common shares on the TSX-V for the five-trading-day period commencing immediately following the public release of a NI 43-101 compliant, combined measured and indicated resource of greater than two million (2,000,000) troy ounces of gold..

Rollo Property Purchase Agreement

The Company has also agreed to purchase from the Rollo staking syndicate, an undivided 100% interest in the Rollo properties for a consideration of 1,000,000 common shares. The vendors shall retain a 2% net smelter royalty (NSR) interest while Olympic retains the option to buy back 1% of the NSR for $1,665,000. The vendors will also be entitled to Bonus Shares of the Company equaling $1,000,000 with the number of shares to be calculated based on the volume-weighted average trading price of the Company's common shares on the TSX-V for the five-trading-day period commencing immediately following the public release of a NI 43-101 compliant, combined measured and indicated resource of greater than two million (2,000,000) troy ounces of gold.

Finder's fees will not be payable in the two transactions as previously contemplated.

In conjunction with the final approval of the property transaction and as announced in the same news release on February 28th, the Company is pleased to officially welcome the new Advisory Board along with the appointment of Garry Clark to management and the Board of Directors.

Garry Clark, B.Sc. P.Geo., Exploration Manager and Director

The Company has appointed Mr. Garry Clark, a Qualified Person (P. Geo. - Ontario) under NI 43-101, as Exploration Manager and a director of the Company. Mr. Clark brings a wealth of experience, knowledge and skills to the Company having focused the majority of his career in northern Ontario. He has held various exploration positions with both major and junior explorers since the late 1980's. Mr. Clark has been the Executive Director of the Ontario Prospectors Association (OPA) since its restructuring in 2000 and has been a Director, Vice President or President of the OPA since its formation in the early 1990's. The Ontario Prospectors Association is focused on providing the mineral explorers of Ontario a stronger voice for issues that affect them. Mr. Clark serves on various provincial government committees and boards that support mineral explorers. Some of these include the Minister of Mines Mining Act Advisory Committee and Ontario Geological Survey Advisory Board.

Advisory Board

The Company also announced the formation of an advisory board comprised of veteran Abitibi gold explorers to assist the Company in its efforts and in identifying other opportunities in and around the Kapuskasing Structural Zone of Ontario. The new advisory team consists of:

Michael A. Tremblay

Mike Tremblay who is widely regarded as one of Ontario's leading prospectors, has been actively exploration the Kapuskasing Structural Zone region most his career and has been involved with a number of discoveries in the area. Mike along with Jacques Robert, Dr. David Palmer and the Probe exploration team have been recognized with the "2013 Ontario Prospector Award" for the Borden Gold Discovery, during the annual awards ceremony held in Sudbury on November 5, 2013.

Robert L. Duess B. Sc. P. Geo:

Mr. Robert Duess (Bob) is a professional geologist with over 30 years experience in mineral exploration and development. Bob was the Canadian project manager for West Timmins Mining Inc. prior to its acquisition by Lake Shore Gold in the fall of 2009. In his role with West Timmins, and in his previous role as Vice president of Band-Ore Resources for over 15 years, Mr. Duess was instrumental in the early development of the West Timmins area, including the discovery of the Golden River Trend and the acquisition of the Thunder Creek Property that now hosts the high grade Thunder Creek Gold deposit. Bob currently acts as a technical advisor to Balmoral Resources Ltd., and was also involved as an officer and/or director of several other companies including Lateegra Gold Corp, Trelawney Mining and Exploration, and Lakeland Resources Inc. Most recently, Bob was instrumental in the formation and financing of GTA Resources and Mining Inc., and currently serves as Vice President and director of GTA.

Darin Wagner, M. Sc., P.Geo:

Mr. Darin W. Wagner has been the President and Chief Executive Officer of Balmoral Resources Ltd since its inception in 2010. He has 25 years experience in mineral exploration, development and management. Mr. Wagner served as President and CEO of West Timmins Mining Inc. from September 2005 to its sale to Lake Shore Gold in November of 2009 following the discovery of the Thunder Creek gold deposit in Timmins. Prior to that Mr. Wagner served as Manager of Exploration for Platinum Group Metals Ltd. from 2000 to 2005 during which time he was awarded with the 2004 "Discovery of the Year" by the Northwestern Ontario Prospectors Association for the Seagull PGE discovery. On November 13, 2013, Mr. Wagner and Balmoral's exploration team were recognized as the "Prospectors of the Year" in the Province of Quebec for their Bug Lake and related gold discoveries on the Company's Detour Gold Trend Project.

Wayne Reid, BSc. Geo, P.Geo:

Mr. Wayne Reid has been the Chief Executive Officer and President of GTA Resources and Mining Inc. since December 1, 2012. Mr. Reid serves as Vice President of Corporate Development at Metals Creek Resources Corp. He served as Exploration Manager for St. Andrew Goldfields, Canadian Exploration Manager for Echo Bay Mines, as well as District Manager for Noranda Exploration and Hemlo Gold Mines Inc. Mr. Reid has over 35 years experience in exploration and mining geology, spanning a variety of Canadian geological terrains, from Newfoundland to Yukon and Alaska. Mr. Reid was part of the exploration team involved in the discovery of the Brewery Creek Gold Deposit in the Yukon Territory and the Boundary Massive Sulphide Deposit / Duck Pond Mine in Central Newfoundland. Mr. Reid is a Professional Geologist registered with the Association of Professional Geoscientists of Ontario and the Professional Engineers and Geoscientists, Newfoundland and Labrador.

On behalf of the Board of Directors:

KAPUSKASING GOLD CORP.

"Dean Nawata"

Qualified Person

Mr. Garry Clark, the Exploration Manager and a director of the Company, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements and Cautionary Notes

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Borden and Rollo properties and the impact on Kapuskasing's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.

It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

Contacts:
Dean Nawata
President & CEO, Director
Phone 1-604-561-2821

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.